Scalper1 News
Major averages bounced yesterday on higher volume after having sold off for a number of days. The bounce is logical within the context of the indexes retesting their late August lows after a six-day sell-off in the NASDAQ Composite & S&P 500 Indexes. The Russell 2000 Index sold off for eight straight days and fell far enough to undercut its late August lows. Combined with quarter-end window dressing that saw volume accelerate into the close, the bounce was quite logical. Futures were up nicely again as the bounce continues. But given global economic concerns, the CME FedWatch is pricing in just an 11% chance of a rate hike when the Fed meets next in October. The odds jump to 39% in December. Thus odds say it is becoming less likely the Fed will hike sometime this year. The market has fallen back into the red. We again see Tesla Motors (TSLA) as a short-sale candidate here using the 50-day moving average at 251.23 as a guide for an upside stop. The closer to the 50-day line one can enter a short-sale the better. Tesla is expected to announce earnings on November 4th. Scalper1 News
Scalper1 News